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Ownership structure and operating performance: evidence from the European maritime industry

机译：所有权结构和经营绩效：来自欧洲海运业的证据

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摘要

In this paper we examine the relation between ownership structure and operating performance for European maritime firms. Using a sample of 266 firm-year observations, during the period 2002-2004, we provide evidence that operating performance is positively related with foreign held shares and investment corporation held shares, indicating better investor protection from managerial opportunism. We also find no relation between operating performance and employee held shares, suggesting no relation between employee commitment and firms' economic performance. Furthermore, we find no relation between operating performance and government held shares, indicating that government may not adequately protect shareholders' interests from managerial opportunism. Finally, we do find a positive relation between operating performance and portfolio held shares for code law maritime firms but not for common law maritime firms. Results are robust after adjusting for various firm and country risk characteristics. Overall, our results on the importance of the ownership structure are new to this setting and add to a large body of evidence linking ownership characteristics to corporate performance.
机译：在本文中，我们研究了欧洲海事公司的所有权结构与经营绩效之间的关系。使用2002年至2004年期间对266个公司年度观察的样本，我们提供了证据，表明运营绩效与外国持有的股票和投资公司持有的股票呈正相关，表明投资者可以更好地免受管理机会主义的影响。我们还发现运营绩效与员工持股之间没有关系，这表明员工的承诺与企业的经济绩效之间没有关系。此外，我们发现运营绩效与政府持有的股份之间没有关系，这表明政府可能没有充分保护股东利益免受管理机会主义的影响。最后，我们的确发现了守则法海事公司的经营业绩与投资组合持有股份之间存在正相关关系，而普通法海事公司却没有。在针对各种公司和国家风险特征进行调整后，结果是可靠的。总体而言，我们关于所有权结构重要性的研究结果对于这种情况来说是新的，并且为将所有权特征与公司绩效联系在一起的大量证据提供了补充。

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